China opens onshore market to foreign lenders

A pilot scheme launched in Shenzhen will let Hong Kong-based banks issue renminbi loans to onshore companies.

China opens onshore market to foreign lenders

The first group of banks in Hong Kong has received the green light to issue renminbi loans to onshore mainland companies in a scheme hailed as a significant step forward for renminbi globalisation and China’s interest-rate liberalisation.

Fifteen Hong Kong-based banks signed an agreement yesterday to issue loans of up to Rmb2 billion $321 million to enterprises in the Qianhai district of Shenzhen for 26 projects. Tenors and interest rates of the loans can be...

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